Lecture 5-8-2007

Lecture 5-8-2007 - Political Science 104 Lecture, May 8...

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Political Science 104 Lecture, May 8 2007 Florida Legislature moves primary to January 29 th Political Parties are against this, threaten to reduce number of delegates Many states have done this recently Consequences Frontloading increases costs Can produce winner quickly But, can also result in no clear winner Middle Class Entitlements Social Security not "means tested" In FY 2000 $35 billion in benefits went to households earning more than $100,000 $107 billion to households over $50,000 favorable tax treatment of social security benefits (taxed at lower rate than ordinary income) Medicare prescription drug benefit: estimates are $1.2 trillion in 2006-2015 So What? You Want Grandma Should Live with Us? Key factors: e Long term solvency depends on: e The Future of Soc. Sec. After 2008 Spending increases even faster as the number of retirees grows (increased life expectancy) medical costs continue to increase
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baby boomers begin to retire (a person born in 1946 will be 62 in 2008) benefits continue to rise (annual COLA’s tied to Consumer Price
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This note was uploaded on 05/05/2008 for the course POLI SCI 104 taught by Professor Professor during the Spring '05 term at Wisconsin.

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Lecture 5-8-2007 - Political Science 104 Lecture, May 8...

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